Variable remuneration

The Remuneration Committee prepares “the Board’s proposals for policies for senior executives’ remuneration” and the application of these. The proposal is discussed by the Board and is subsequently presented to the Annual General Meeting for adoption. Based on the resolution of the Annual General Meeting, the Board decides on the remuneration of the Managing Director. Based on the proposal of the Managing Director, the Remuneration Committee passes a resolution on the remuneration of other members of the Group’s executive team. The Board is informed of the decisions of the Remuneration Committee. Salaries and other terms of appointment for the Group’s executive team shall be set at competitive levels. In addition to base salary, the Group’s executive team may also receive variable remuneration, which is capped at 58 % of base salary equivalent to seven monthly salaries.